On GPG:

Speaking of luxury: Bangalore's villa market

Bangalore has become the leading real estate investment location in India and is being viewed as an enticing option for home investors and developers. In the past two years the city has experienced a flurry of major residential project releases.

As more people come to Bangalore to explore new and better opportunities, the demand for residential apartments is quickly growing. But apart from the usual requirement for apartments, residential villas now have an unprecedented appeal to consumers today, with their higher propensity to spend.

In the course of just one year, Bangalore has seen a strong rise in villa projects, with as many as 13 projects being developed. Being a major IT hub, there has been an ever-increasing rise in the tech population. The Silicon Valley of India has seen huge sums of cash pumped into the system, leading to an elevated demand for posh residential areas.

Central locations like Sarjapur Road, Whitefield, Marathahalli, Bellary Road, Jigani-Anekal RD, Old Airport Road, Nandi Hills, Devanahalli, and Haralur Road have been experiencing a significant demand for villas. These areas offer a host of benefits like uninterrupted water supply, electricity, conveyance, connectivity and of course, they are close to tech parks, schools and commercial areas. These factors have contributed to such areas being significantly more costly than others. High traffic locations like Whitefield are again in high demand due to their proximity to IT centers. Whitefield is one of the most expensive areas and here, according to residential builders, there is an exceedingly high requirement for villa plans and projects.

Within a significant radius of Whitefield, prices are no less, and are listed anywhere between US$ 1.1 million and US$ 1.5 million for 350 sq. m. to 550 sq. m.. These areas have observed a boost in absorption. Residential contractors are developing an creasing number of villas in and around Whitefield. In surrounding areas like Hebbal and Devanahalli, prices have surged to around US$ 1.1 million and US$ 1.2 million.

The northern part of Bangalore is also experiencing explosive growth and consequently high demand for posh residential villas, because of its nearness to Bangalore International Airport; and its excellent public facilities. Various reports have pointed out that there will be almost two to three luxury properties available for sale every month in this particular area.

Gone are the days when people had to choose from very few residential options. Today, consumers rule the marketplace and they want only the best. To appeal to them, contractors are now focused on building self-sustained residential areas complete with all international facilities. Right from health clubs to indoor swimming pools, home developers now have understood that these extra trimmings go a long way in attracting high net worth individuals who are willing to pay the extra buck for a bit of added luxury.